In the second quarter of 2010, 90% of Massachusetts homeowners believed their homes were worth more than their Realtors’ recommended listing price. Thirty-eight percent believed that their homes should be prices 10-20% higher than their Realtors’ recommended listing price and 40% thought their homes should be priced 1-9% higher. In the third quarter 2009 Massachusetts home values survey, 47% of Bay State home owners though that their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the fourth quarter 2009, 35% thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the first quarter 2010 Massachusetts home prices survey 38% of homeowners thought that their homes should be priced 10-20% higher than their Realtors’ recommended listing price. (See question 2)

In the current survey only 5% of Massachusetts home buyers thought homes were fairly valued vs. 21% of home buyers who thought that home prices were fairly valued in Massachusetts in the first quarter of 2010, vs. 25% in the fourth quarter of 2009; 6% in the third quarter of 2009 and 31% in the second quarter of 2009. In the current survey 85% of home buyers think homes are over priced and ten percent think they are underpriced. Sixty-one percent of Massachusetts home buyers thought that homes were overpriced in the first quarter of 2010 up from 55% in the fourth quarter of 2009 and down from 65% in the third quarter of 2009. (see question 3)

Fifty percent of Massachussets real estate agents and brokers think that homes prices will remain the same over the next six months and 35% think they will fall. In the first quarter 2010 34% of Massachusetts agents and brokers believed that home prices would fall in the next six months, down from 40% in the fourth quarter of 2009 and up from 24% in the third quarter of 2009. Surveyed Massachussets home owners were more optimisitc about the direction of home values over the next six months. While 50% of home owners think home prices will remain the same over the next six months, only 12% think they will fall. (See question 6)

Surveyed Massachusetts agents and brokers gave President Obama lower marks in the second quarter with 70% indicating they disapproved of the President’s performance (with 55% “strongly disapproving”). In the first quarter 56% of Massachusetts agents and brokers surveyed approved the President’s performance . Massachusetts home owners rated the President higher than their real estate professional counterparts, with 56% approving his performance. (See question 10)

Set forth below is the agents and brokers second quarter 2009 and 2010 Massachusetts home values and the national second quarter 2010 data. Also set forth below for selected questions is the home owner response data for the second quarter of 2010. Click on each question to see complete results:

In the third quarter, Massachusetts Realtors surveyed believe that home owners in thier state have sharply increased their home price expectations with 47% of Bay State home owners thinking that their homes should be prices 10-20% higher than their Realtors’ recommended listing price. This is up from 31% in the second quarter Massachusetts home prices survey. (see question 2)

Home buyers disagree! Just 6% of home buyers think homes are fairly priced in Massachusetts vs 31% who thought so in the second quarter. Indeed 65% of home buyers now believe that Massachusettes homes are over priced by 10-20% vs just 35% who thought so in the second quarter. (see question 3)

In spite of this seemingly contradictory data, 76% of Massachussetts Realtors believe home prices will rise or stay the same over the next six months vs 66% who thought the same in the second quarter. (see question 6)

Massachussetts Realtors surveyed continue to support President Obama with an approval rating of 59% (vs a 42% national average among Realtors surveyed). In the second quarter Obama’s approval rating among Massachusetts Realtors stood at 65% (vs. 58% nationally)

Set forth below is the first, second and third quarter Massachusetts home prices survey results with the national data in parenthesis:

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